To receive a report of the Deputy Chief Executive (S151) presenting a financial update in respect of the income and expenditure so far in the year.
The Cabinet had before it and NOTED a * report of the Deputy Chief Executive (S151) presenting a financial update in respect of the income and expenditure to date.
The Cabinet Member for Finance outlined the contents of the report stating that the General Fund was now showing a surplus of £29k, the key items to note were savings made from the waste partnership and the receipt of a significant planning application. The Housing Revenue Account was forecasting an underspend of £486k made up of several deficits and surpluses as outlined in paragraph 4.3 of the report. He highlighted the slippage within the capital programme and the project timetable and the treasury management position.
Discussion took place regarding:
· The loan to 3 Rivers Developments Limited and the proposed impairment of this loan
· Accountancy requirements for both the Council and the company
· The difficult and complicated St Georges View scheme
· The need to consider delays in current projects included in 3 Rivers Business Plan and the Council’s Capital Programme, working capital considerations and whether profits would be ploughed back into the company or provided as dividends to the council
· The savings made within the HRA relating to staffing within the repairs team and whether reduced staff equalled reduced outputs.
Note: *Report previously circulated, copy attached to minutes.